Senate Bill 2904

AN ACT TO AMEND SECTION 83-21-17, MISSISSIPPI CODE OF 1972, TO REVISE THE ELIGIBILITY REQUIREMENTS FOR NONADMITTED INSURERS TO WRITE BUSINESS IN THE STATE OF MISSISSIPPI; TO CREATE NEW SECTION 83-21-18, MISSISSIPPI CODE OF 1972, TO AUTHORIZE THE COMMISSIONER OF INSURANCE TO ENTER INTO AN AGREEMENT WITH OTHER STATES TO ESTABLISH PROCEDURES FOR ALLOCATING PREMIUM TAXES; TO AMEND SECTION 83-21-19, MISSISSIPPI CODE OF 1972, TO REVISE THE LICENSING PROVISIONS FOR RESIDENT AND NONRESIDENT SURPLUS LINES INSURANCE PRODUCERS; TO AMEND SECTION 83-21-21, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT STAMPING PROCEDURES MAY APPLY TO THE REPORTING, PAYMENT, COLLECTION AND ALLOCATION OF PREMIUM TAXES FOR NONADMITTED INSURANCE CONSISTENT WITH ANY AGREEMENT, COMPACT OR PROCEDURES ENTERED INTO BY THE COMMISSIONER OF INSURANCE; TO AMEND SECTION 83-21-23, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT, WHEN PLACING NONADMITTED INSURANCE FOR AN EXEMPT COMMERCIAL PURCHASER, A SURPLUS LINES INSURANCE PRODUCER IS NOT REQUIRED TO MAKE A DUE DILIGENCE SEARCH TO DETERMINE WHETHER THE FULL AMOUNT OR TYPE OF INSURANCE CAN BE OBTAINED FROM ADMITTED INSURERS; TO AMEND SECTIONS 83-21-25, 83-21-27 AND 83-21-29, MISSISSIPPI CODE OF 1972, TO MAKE CERTAIN TECHNICAL AND NONSUBSTANTIVE CHANGES; TO AMEND SECTION 83-34-4, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT EACH INSURED IN THIS STATE WHO DIRECTLY PROCURES OR RENEWS INSURANCE WITH A NONADMITTED INSURER ON PROPERTIES, RISKS OR EXPOSURES LOCATED IN THIS STATE, OTHER THAN INSURANCE PROCURED THROUGH A SURPLUS LINES LICENSEE, SHALL BE SUBJECT TO THE NONADMITTED POLICY FEE WHICH SHALL BE PAID PURSUANT TO THE PROCEDURES PROVIDED FOR PREMIUM TAXES; AND FOR RELATED PURPOSES.

In the Senate

• Eugene S. Clarke

  Sponsor

l9n doesn't hold this bill's text yet.

In the Senate Jan 17 – Feb 10

1. Jan 17Referred to the Senate committee on Insurance
2. Jan 20Reported from committee in the Senate: title sufficient, do pass
3. Feb 10Died on the calendar in the Senate